Financial Adviser Anthony Liddle Barred By FINRA After Theft Allegations

Anthony (Tony) Liddle (CRD#: 5478479) is a previously registered Broker and previously registered Investment Adviser.

Broker’s Background

He entered the securities industry in 2008 and previously worked for Landolt Securities, Inc.; Western International Securities, Inc.; and Eliason Financial Group, LLC.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2022, a customer dispute was filed against Anthony Liddle. The allegation states, “[REDACTED] claims they gave RR Liddle 110,000 and received a promissory note in return.” The customer dispute is pending, and damages of $110,000 are sought.

In addition, Anthony Liddle has been the subject of eight other customer complaints and a FINRA sanction, including the following:

  • July 2022 — “Allege RR stole assets.” The customer dispute is pending, and damages of $125,000 are requested.
  • July 2022 — “Theft.” The customer dispute is pending. Damages of $1.75M are requested.
  • July 2022 — “[REDACTED] claims they gave RR Liddle 125,000 and received a promissory note in return, [REDACTED] claims they have RR Liddle 373,000 and received a promissory note in return.” The customer dispute is pending, and damages of $498,000 are requested.
  • July 2022 — “Client may have had funds stolen by representative.” The customer dispute is pending.
  • June 2022 — “Without admitting or denying the findings, Liddle consented to the sanction and to the entry of findings that he refused to produce information and documents and to appear for on-the-record testimony requested by FINRA in connection with its investigation into allegations that Liddle borrowed more than $1.8 million from at least 13 of his customers while he was associated with two member firms.” Anthony Liddle was permanently barred from registration in all capacities by FINRA beginning June 14, 2022, and extending indefinitely. For a copy of the FINRA sanction, click here.
  • May 2022 — “Tony accepted funds intended to invest with GWG and deposited into Prosper Wealth Management account and was in the process of returning the funds.” Anthony Liddle was permitted to resign from Landolt Securities, Inc.
  • May 2022 — The Wisconsin Department of Financial Institutions opened an investigation as a result of a complaint letter submitted.
  • May 2022 — “Liddle violated Wisconsin securities laws by engaging in dishonest or unethical practices in the securities business, borrowing money from clients in the amount of $1.8 million, and omitting to state material facts necessary in order to make the statements made not misleading including the failure to inform investors that GWG Holdings had suspended L bond sales and that he was not authorized to sell them.” The state of Wisconsin issued a cease and desist barring Anthony Liddle from registration in all capacities, indefinitely, beginning June 9, 2022.

For a copy of Anthony Liddle’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]